Historical Racing Results from Commonwealth-Facilitated Offerings

Last month we explored just how difficult it is to make it from the foaling barn to the winner's circle in the Thoroughbred Success Funnel. 

The numbers were eye-opening.

Out of every 100 registered Thoroughbred foals born in North America:

• Approximately 70 will ever make a start.
• Only about 24 will win a race.
• Just 2 or 3 will become stakes winners.
• Fewer than one will ever become a graded stakes winner.

Below, we take a look at the aggregated historical racing results for horses associated with offerings conducted by Commonwealth Thoroughbreds LLC under Regulation A and by Reg CF issuers through ALAO Invest LLC. The industry statistics are presented separately for general context; the populations and selection criteria are not directly comparable.

*These figures are not directly comparable. Industry benchmarks generally begin with the entire registered foal population, while horses offered by Commonwealth and its issuers are a selected group acquired at different ages and stages of their racing careers. The comparison below is intended to provide general racing context, not to measure performance against a directly comparable peer group. 

The historical results and aggregate statistics presented in this article combine horses associated with offerings conducted under Regulation A and Regulation Crowdfunding (Reg CF). Commonwealth facilitated Regulation A offerings from inception through May 2023. No racehorse offerings were conducted from June 2023 through May 2024. Commonwealth began facilitating Reg CF offerings in June 2024, and all racehorse offerings since that time have been conducted under Reg CF. Results from Regulation A offerings should not be considered representative of the results of Reg CF offerings. Past performance is not indicative of future racing results or investment returns. Investing involves significant risk, including the possible loss of your entire investment.

Measuring Success

Before diving into the numbers, it's important to remember that no two racing stables are exactly alike.

Some operations focus almost exclusively on claiming horses, while others campaign elite sales graduates or proven stakes performers. Some race primarily at smaller circuits, while others target graded stakes and the country's biggest race meets.

Because of those differences and the range of stable sizes and scale, no single statistic measures success.

Instead, it's better to look at the overall picture.

By the Numbers

From the first horse offered by Commonwealth Thoroughbreds LLC in June 2021 through August 2026:

• 139 lifetime starts
• 27 victories
• 72 on-the-board finishes
• 19% win rate
• 52% in-the-money percentage*

Read these aggregate figures alongside the methodology and limitations described above.

Based on the figures above, 72 of 139 starts (~52%) resulted in a first-, second-, or third-place finish.

*This statistic describes historical race outcomes and does not measure investor returns or predict future racing performance. Past performance is not indicative of future racing results or investment returns.

Listed Stakes Company

Winning races is one thing.

Competing in listed stakes company is another. A listed stakes race sits just below graded stakes races, including G1, G2, and G3.

According to The Jockey Club, approximately 2–3% of registered North American Thoroughbred foals become listed stakes winners.

While most do not begin their careers as listed stakes runners, horses associated with Commonwealth Thoroughbreds LLC’s Regulation A offerings and Reg CF issuer offerings through ALAO Invest LLC have competed at the stakes level, as reflected in the historical results below.

• 19 listed stakes starts
• 3 listed stakes victories
• 10 on-the-board finishes in listed stakes races*

*These figures reflect historical listed stakes-race outcomes only and should not be interpreted as predicting future results. Past performance is not indicative of future racing results or investment returns.

Competing at Racing's Highest Level

The funnel narrows even further when you reach graded stakes racing. Graded Stakes races include G1, G2, and G3.

These are the races most fans recognize:

• Kentucky Derby & Oaks
• Travers Stakes
• Preakness & Belmont
• Breeders' Cup races
• Clement L. Hirsch Stakes
• Whitney Stakes

Performances in these races can influence Eclipse Award consideration and breeding value.

According to The Jockey Club, approximately 0.2% (roughly 1 in 500) of registered North American Thoroughbred foals become graded stakes winners.

Aggregated historical results include: 

• 45 graded stakes starts
• 5 graded stakes victories
• 19 graded stakes on-the-board finishes

Graded stakes outcomes depend on numerous factors. Competing successfully at that level generally reflects a combination of ability, training, management, health, race placement, and other factors.

*Past performance is not indicative of future racing results or investment returns.

Grade 1 Results

*Amounts shown represent the horse's gross purse earnings from the listed race and do not represent amounts received by Commonwealth, its issuers, or investors. Investor returns, if any, depend on ownership percentage, expenses, offering terms, and other factors. Past performance is not indicative of future racing results or investment returns.*

Why These Numbers Matter

The figures above reflect an approximately 52% in-the-money rate.

Horse racing is unpredictable.

Every race brings a new field, different pace scenarios, changing weather, different post positions, and different competitors.

Across the 139 starts described above, 72 ended in a first-, second-, or third-place finish (approximately 52%).

Those historical results reflect many factors, including the horses themselves, their trainers and connections, race placement, and the inherent variability of racing.

Success Looks Different for Every Horse

Success doesn't always look the same.

For one horse, success may mean winning a Grade 1.

For another, it might be breaking its maiden after months of patience.

Some horses develop quickly.

Others need time.

Some exceed expectations, while others simply demonstrate how incredibly difficult this sport really is.

Consider these historical milestones alongside the risk and comparability limitations described in this article.

The industry numbers show why no race, placing, or win should ever be taken for granted.

Key Takeaways

• 139 lifetime starts with 27 victories.
• 52% of all starts have resulted in on–the-board finishes 
• 5 graded stakes victories and 3 listed stakes victories.
• The industry percentages above are not directly comparable to the selected group of horses associated with the offerings.
• Every start, every win, and every stakes appearance reflects planning, development, and teamwork.

The Big Picture

Previously, The Latest looked at the funnel that begins with nearly 18,000 foals and narrows all the way down to just a handful of graded stakes winners.

This week, we looked at where horses associated with Commonwealth Thoroughbreds LLC’s Regulation A offerings and Reg CF issuer offerings through ALAO Invest LLC fit within that picture.

Statistics will never tell the entire story. Every horse is different, and every campaign presents its own challenges.

But they do offer perspective.

They remind us that simply reaching the races is an accomplishment.

Winning is even harder.

That's what makes this sport so special.

Important Disclosures

This article is provided for informational and educational purposes only and is not intended as investment advice or as a recommendation, offer, or solicitation to buy or sell any security or interest in a horse.

Racing statistics and results presented above reflect historical performance only. Past performance is not indicative of future racing results or investment returns. Horse racing involves substantial uncertainty, and the performance, racing longevity, earnings, and financial results of any horse may vary significantly, including the possible loss of a shareholder’s entire investment.

Industry statistics are provided for general context and are not directly comparable to historical results. Industry benchmarks generally reflect broad populations of registered Thoroughbreds beginning at or near birth, while horses offered by Commonwealth and its issuers represent a selected group acquired at varying ages, stages of development, and levels of prior racing experience. Industry percentages may also vary depending on the population, time period, data source, and classification methodology used.

Race earnings shown, where applicable, represent gross purse earnings attributable to the horse in the identified race and do not represent amounts received by Commonwealth, its issuers, or by investors. Actual economic results to investors, if any, depend on ownership interests, expenses, fees, offering terms, and numerous other factors.

References to ‘we,’ ‘us,’ or ‘our’ refer to Commonwealth in its role as the platform and publisher of this content and should not be interpreted as indicating ownership, control, or management of any horse or issuer.

The historical results and aggregate statistics presented in this article combine horses associated with offerings conducted under Regulation A and Regulation Crowdfunding (Reg CF). Commonwealth facilitated Regulation A offerings from inception through May 2023. No racehorse offerings were conducted from June 2023 through May 2024. Commonwealth began facilitating Reg CF offerings in June 2024, and all racehorse offerings since that time have been conducted under Reg CF. Results from Regulation A offerings should not be considered representative of the results of Reg CF offerings. Past performance is not indicative of future racing results or investment returns. Investing involves significant risk, including the possible loss of your entire investment.